FWONA just reported Q4 earnings and honestly it's a bit underwhelming. They posted 0.39 per share but consensus was looking for 0.44, so that's an 11% miss. Revenue side was actually decent though - 1.61 billion beat estimates by about 4.5%. The thing is, looking at how analysts revise their estimates using a power series formula type approach to track trends, the picture gets murkier. They're currently sitting at a Zacks Rank 3 (Hold), which basically means expect market-level performance going forward.

What caught my eye is the forward guidance. Next quarter they're expecting negative 0.41 per share, and full year EPS is pegged at 2.18. Compare that to where they were a year ago losing 1.03 per share, and there's some improvement, but it's still pretty choppy. The stock is down 8.7% year-to-date versus the S&P 500 up 1.5%, so underperformance is real.

The bigger issue might be the industry itself. Media Conglomerates are ranking in the bottom 44% of sectors right now, and historically top-ranked industries outperform the bottom tier by 2-to-1. So even if FWONA gets its act together, the whole sector headwind is something to watch. Probably worth waiting to see what management says on the call before making any moves.